Section 6700 Penalties for Participants Detailed

McConnell, Alison L.
March 2006
Bond Buyer;3/29/2006, Vol. 355 Issue 32349, p5
Trade Publication
The article reports on the conditions under the Section 6700 penalties for tax-exempt bond deal participants. The International Revenue Service can impose this penalty to those bond deal participants who made a false statement regarding the tax benefit of the deal. Three factors have often looked by the court to know if the person had the requisite knowledge to violate the Section 6700. These include reliance on knowledgeable professionals, level of education and familiarity with tax matters.


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